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完整後設資料紀錄
DC 欄位 | 值 | 語言 |
---|---|---|
dc.contributor.advisor | 林世銘 | |
dc.contributor.author | Kai-Fu Chen | en |
dc.contributor.author | 陳凱富 | zh_TW |
dc.date.accessioned | 2021-06-13T01:35:15Z | - |
dc.date.available | 2008-07-14 | |
dc.date.copyright | 2007-07-17 | |
dc.date.issued | 2007 | |
dc.date.submitted | 2007-07-16 | |
dc.identifier.citation | References
Aboody, D.& R. Kasznik , 2000, CEO stock option awards and the timing of corporate voluntary disclosures, Journal of Accounting & Economics, 29, pp.73-100. Bebchuk, L. & Y. Grinstein & U. Peyer, Lucky CEOs, November 16 2006, Lucky CEOs, unpublished working paper. Bebchuk, L. & Y. Grinstein & U. Peyer, Lucky CEOs, November 16 2006, Lucky directors, unpublished working paper. Bertrand, M. & S. Mullainathan, 2001, Agents with and without principals, American Economic Review 90, 203~208. Compton, R. A. & J. N. Giller & L. M. Tedds, Sep. 15th 2006, Remuneration and incentives of managers: Executive stock Options and Backdating in Canada, Working paper, Canadian University of Manitoba. Chauvin, K. W. & C. Shenoy, 2001, Stock Price decreases prior to executive stock option grants, Journal of Corporate Finance, Vol. 7 pp. 53-76. Fama, E. F.& K. R. French., 1993, Common risk factors in the returns on stocks and bonds. J. Financial Econom., 33, pp.3-56. Heron R. A. & E. Lie, Oct. 2007, Does backdating explain the stock pattern around executive stock option grants? Management Science, Vol. 83, pp. 271-295. Lang, M. & R. Lundholm,, 1993, “Cross-Sectional Determinants of Analyst Rating of Corporate Disclosure, “ Journal of Accounting Research 31, 246-271. Lie, E., May 2005, On the Timing of CEO stock Option Awards, Management Science, Vol. 51, No.5, pp. 802-812. Lie, E. & R.A. Heron, July 14, 2006, What fraction of stock option grants to top executives have been backdated or manipulated? Unpublished Working Paper, University of Iowa. Narayanan, M.P. & H. N. Seyhun, Jan. 2005, Do managers influence their pay? Evidence from stock price reversals around executive option grants. Unpublished Working Paper, Narayanan, M.P. & H. N. Seyhun & C. A. Schipani, 2007, The economic impact of backdating of executive stock options, forthcoming in the Michigan Law Review, Vol. 105, Issue 8. Yermack, D., 1997, Good timing: CEO stock option awards and company news announcements, Journal of Finance , 52, pp.449-476 中文部文: 李靜燕,2006,員工認股權的發放與公司內部人士影響股票價格關係之研究,彰師大碩士論文 沈中華與李建然,2000,Even study事件研究法----財務與會計實證研究必備 台北,華泰文化事業公司 林世銘、陳國泰、張鼎聲,2003,兩稅合一除權除息之租稅規避行為,當代會計,第一卷第一期,第1-18頁 林柏廷,2004,員工認股權、盈餘管理與公司治理,彰師大碩士論文 | |
dc.identifier.uri | http://tdr.lib.ntu.edu.tw/jspui/handle/123456789/30086 | - |
dc.description.abstract | 此實證研究一窺在美國與加拿大政府機關與學術界受到廣大關注的回溯日期手法,而我們也嘗試去分析回溯日期手法是否可能發生在台灣。樣本採用台灣上市與上櫃公司在2001至2006年12月7日的員工認股權,我們發現在給予日之前股價會逐漸下跌,給予日之後股價會迅速且明顯的上漲。非常有趣地此異常報酬率的模式與美國或加拿大所發現的結果非常類似。我們發現當公司規模較小、員工認股選擇權計劃受經理人或家族集團控制、認股權股數較多,高階經理人有能力及動機去影響給予日的時間點,所以給予日附近的異常報酬也會更明顯。分析台灣的法規、實務、與此實證結果後,我們認為回歸日期的手法也可以解釋台灣員工認股選擇權在給予日附近的異常報酬率。 | zh_TW |
dc.description.abstract | This study takes a glimpse of the backdating practices capturing plenty of attention of academics and policy makers in U.S. or Canada, and we also try to analyze whether backdating could also take place in Taiwan. Using the sample of Taiwanese employee stock option awards among TSE(Taiwan Stock Exchange) listed and OTC firms firm 2001 to Dec 7th 2006, we find that stock prices fall gradually before the option grant dates and surge significantly following the grant date, generating sharp reversal of abnormal stock returns. Interestingly the abnormal return pattern around the grant date is very similar to American and Canadian ones. We also find when executives have the incentive (i.e., more shares granted) and the ability (such as poor corporate governance, employee stock option plan influenced by top managers or family group) to influence the timing of employee stock option grants, the abnormal return pattern would be more discernible. Our research indicates that backdating could also explain Taiwanese abnormal returns around employee stock option grants | en |
dc.description.provenance | Made available in DSpace on 2021-06-13T01:35:15Z (GMT). No. of bitstreams: 1 ntu-96-R94722025-1.pdf: 785364 bytes, checksum: 72ca02600eb35fdd4bc104c210ce5317 (MD5) Previous issue date: 2007 | en |
dc.description.tableofcontents | Acknowledgement I
摘要 II Abstract III Contents IV Contents of Figures V Contents of Tables VI I. Introduction 1 1.1 The purpose of the research 1 1.2 An overview of backdating scandal in the U.S. 3 II. A Primer on Taiwanese Employee Stock Options 5 2.1 What are employee stock option plans? 5 2.2 Taiwanese history of employee stock options 6 2.3 The process of awarding employee stock options 10 2.4 The exercise price’s setting 11 2.5 Unscheduled awards 13 2.6 Disadvantages of employee stock option 15 III. Empirical Research Design 17 3.1 Event-study methodology 17 3.2 Regression model 19 IV. Abnormal Stock returns around the Grant Date 20 4.1 Abnormal return reversals in Taiwan 20 4.2 Abnormal return patterns over time in Taiwan 25 4.3 Backdating practice in Taiwan 26 V. Factors that Influence the Abnormal Stock Reversal 31 5.1 The effect of firm size 31 5.2 The effect of the quantity of grant shares 34 5.3 Managers’ direct influence 36 5.4 The influence of family group 39 5.5 Regression model results 40 VI. Conclusion and Suggestions 42 6.1 Summary and Conclusion 42 6.2 Suggestions 44 References 46 Appendix A: Backdating events in the U.S in 2006 48 | |
dc.language.iso | en | |
dc.title | 回溯日期可以解釋台灣員工認股選擇權給予日附近的異常報酬率嗎? | zh_TW |
dc.title | Can Backdating Explain the Abnormal Returns around Taiwanese Employee Stock Option Grants? | en |
dc.type | Thesis | |
dc.date.schoolyear | 95-2 | |
dc.description.degree | 碩士 | |
dc.contributor.oralexamcommittee | #VALUE! | |
dc.subject.keyword | 員工認股選擇權,事件研究法,回溯日期, | zh_TW |
dc.subject.keyword | employee stock options,event-study,backdating, | en |
dc.relation.page | 48 | |
dc.rights.note | 有償授權 | |
dc.date.accepted | 2007-07-16 | |
dc.contributor.author-college | 管理學院 | zh_TW |
dc.contributor.author-dept | 會計學研究所 | zh_TW |
顯示於系所單位: | 會計學系 |
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